A Canadian energy giant is pushing ahead with a $2.2 billion project that would create an oil pipeline from the Alberta tar sands to the port of Portage la Prairie, Minn., that will bring thousands of construction jobs and more than $1 billion in tax revenue.
Canadian Natural Resources Ltd.
said Friday it has secured $3.8 billion in financing to build the Keystone XL pipeline project, which will connect a crude oil pipeline that runs from the Bakken region of North Dakota to the Gulf Coast.
The company expects the project to create more than 1,000 construction jobs in North Dakota and more to come.
The project will also bring an estimated $1.3 billion in economic impact to North Dakota, with the bulk coming from construction and related infrastructure projects in the state, Canadian Natural said in a statement.
The pipeline project is the largest in the United States, and it is the first in Canada.
It will be built by the Calgary-based Irving Oil Co. and would cross through the heart of the Bakke and Portage La Prairie counties.
The region’s oil production has skyrocketed over the past two decades, and Canada is home to about a quarter of the world’s crude.
The Canadian government is already investing in oil pipelines in order to get its economy moving.
In addition to the Keystone project, Canadian National has been exploring the possibility of building a pipeline from Alberta to the U.S. Gulf Coast, which is the most expensive route to export Canadian crude.
Canada has also started a project to export oil to the United Arab Emirates and Saudi Arabia, with projects to export crude to Asia, Africa and Europe being considered.
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